JPMorgan's latest report underscores the enduring centrality of stablecoins in the crypto ecosystem, despite the emergence of tokenized money market funds. The report highlights that stablecoins have become the default tool for trading, collateralization, and cross-border payments, widely used across centralized exchanges and DeFi protocols. In contrast, tokenized money market funds, which currently represent about 5% of the stablecoin ecosystem, face regulatory constraints that limit their growth potential. Analysts led by Nikolaos Panigirtzoglou project that, without significant regulatory changes, tokenized money market funds will remain below 15% of the stablecoin market. These funds are primarily attractive to crypto-native investors and institutions seeking yield and on-chain settlement benefits. However, their expansion is hindered by liquidity issues, counterparty risks, and regulatory uncertainties, preventing them from challenging the infrastructure-level role of stablecoins.